盛新锂能20.8亿“豪赌”锂矿：高溢价收购0收入标的 业绩巨亏债务风险激增

Core Viewpoint - The acquisition of a 30% stake in Sichuan Qicheng Mining by Shengxin Lithium Energy for 2.08 billion yuan is a strategic move to gain full control over lithium resources, despite the company's ongoing financial challenges [1][3]. Group 1: Acquisition Details - Shengxin Lithium Energy plans to acquire a 30% stake in Sichuan Qicheng Mining for 2.08 billion yuan, leading to full ownership of the company [1]. - The overall valuation of Qicheng Mining is approximately 6.933 billion yuan, significantly higher than its net asset value of 2.118 billion yuan as of August 31, 2025 [1][3]. - The core asset of Qicheng Mining is the Muzhong Lithium Mine, which has a confirmed Li₂O resource of 989,600 tons and an average grade of 1.62%, making it one of the highest-grade lithium mines in Sichuan [1]. Group 2: Financial Performance - Shengxin Lithium Energy reported a revenue of 3.095 billion yuan for the first three quarters of 2025, a year-on-year decrease of 11.53%, with a net loss of 752 million yuan, down 62.96% [1]. - In Q3 2025, the company achieved a revenue of 1.481 billion yuan, a year-on-year increase of 61.07%, but this was insufficient to offset the losses from earlier quarters [1]. - Qicheng Mining's financial performance has raised market concerns, with zero revenue reported and a net loss of 155 million yuan from January to August 2025, following a profit of 35.31 million yuan in 2024 [2]. Group 3: Valuation and Market Context - The valuation of Qicheng Mining reflects a premium of over 200%, with the mining rights of the Muzhong Lithium Mine valued at 8.43 billion yuan and the total equity of Huirong Mining valued at 9.04 billion yuan [3]. - The estimated annual sales revenue from the Muzhong Lithium Mine is projected to be 4 billion yuan [3]. - The lithium salt industry is facing increasing competition, with about 60% of raw materials for Chinese lithium salt companies relying on imports, highlighting supply chain vulnerabilities [4].